Berrini's office market shows signs of recovery after the impact of the pandemic
- In addition to the pandemic effect, the region received new inventory in 3Q20, contributing to the vacancy
One of the main office regions in São Paulo, Berrini, saw the occupancy rate of its offices fall from 90% (recorded in the first quarter of 2020) to 77% (in the same period of 2022) after reaching negative net take-ups for more than a year according to the data from the SiiLA Market Analytics platform.
In addition to the pandemic effect, the region received new inventory in 3Q20, contributing to the vacancy. However, as of 2Q22, the region's numbers began to indicate a recovery, which remained firm in 3Q22 and at the end of 4Q22.
As of 2Q22, net absorption in the region became positive, and Berrini registered 12,122 thousand sq. meters of net absorption in 2022. Over the last year, big players such as Atlas Energia, Shopee, and Sephora absorbed corporate slabs in the region. All this movement meant that Berrini closed 2022 with 80.63% of corporate floors occupied.
